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Latest survey reveals 60% of businesses forecast growth for 2018

The outlook for the 2018 seems positive for UK businesses, but research indicates that many are still failing to make the most of available funding. Read here for further industry insight.

2017 proved challenging for many businesses, with a downgrade for productivity growth announced in the latest Autumn Budget, an increase in inflation and confusion caused by Brexit. We surveyed a group of businesses engaging in R&D to gauge attitudes going into the new year, and despite last year’s challenges, the outlook for the coming 12 months seem positive.

The Results

Over 60% of businesses we surveyed predict growth in 2018, and almost 80% of respondents said their focus for 2018 remained on hiring more staff and developing new products or services. Furthermore, over three quarters of the UK manufacturing, engineering, IT and life sciences businesses polled said they expected to see an increase in turnover and improved productivity this year as a result.

Though surprisingly, when questioned on funding their growth, half of those polled said they would invest profits, while 57% believed they didn’t need any additional funding and under a third stated they planned on applying for R&D tax credits.  This is despite 29% of businesses identifying cash flow will be the biggest barrier to achieving their aspirations.

Mike Price, Director at MPA, commented on the survey findings:

Talitha Heaton
Talitha Heaton Marketing Executive

My role in the marketing team is relatively varied – which is something I love about working at MPA. Recently, I’ve worked on our new brand as well as the development of Nova, our new service offering. In marketing, we’re always trying to find better, more effective ways of communicating with innovative businesses across the UK. Our aim is to raise awareness of the support available to these businesses and ensure receiving that support is as easy as possible.